17 Apr American Student Loan Debt: Borrowers Unable to Make Monthly Payments
Borrowers who are unable to keep up with their student loan payments are not alone. According to Bloomberg, “Only 37 percent of borrowers are current on their loans and are actively paying them down, and 17 percent are in default or in delinquency.” See the full article posted by Janet Lorin on April 16, 2015, here.
Student Loan Law Group offers assistance to borrowers who are struggling to make their monthly student loan payments. Student Loan Law Group can help by educating borrowers of their rights and available options. Oftentimes, borrowers are unaware of their eligibility to apply for an alternative repayment plan. Alternative repayment plans can significantly reduce borrowers’ monthly payment amounts. Generally, so long as the borrower adheres to the repayment plan, the remaining balance on the loans can be forgiven after a certain period of time.
Student Loan Law Group is a team of lawyers who are well versed in the ins and outs of the various repayment plan options. Student Loan Law Group helps borrowers learn about the different plans available and choose the plan that best suits the individual borrower’s lifestyle and needs. Many repayment plans focus specifically on the borrower’s income and household size to determine a manageable monthly payment amount. Borrowers who produce lower annual incomes and have multiple children are often eligible for repayment plans with very low monthly payments.
Applying for these plans can be confusing and time consuming. Additionally, there are several pitfalls that can result in denial of an application for a plan or discontinuance of the benefits of a plan. Student Loan Law Group will help borrowers determine which plans they are eligible to apply for and can assist the borrowers in maintaining their desired repayment plan through complex recertification processes. Borrowers who need relief from their burdensome debt and wish to lower their monthly payment on their student loans are encouraged to contact Student Loan Law Group as soon as possible.